A new report finds that Australia, Italy, and the United Kingdom currently rank at the top in long-duration energy storage (LDES). This proves how LDES technology is rapidly growing in relevance to the worldwide energy industry. In each of these countries, government has designed and established highly targeted market mechanisms. They set the stage for LDES advancement generally, but particularly for pumped storage hydropower—the clear frontrunner among diversifying energy storage options.
Additionally, the report stresses that pumped storage is particularly well-positioned in countries with cap-and-floor schemes designed to boost LDES that infrastructure. Australia, Italy, and the UK are notable examples in this trend. Their regulatory frameworks truly encourage the development of renewables which significantly increases energy independence in these countries.
Favorable Conditions in Key Markets
Australia is arguably one of the best places in the world for LDES, thanks to its forward-thinking market mechanisms. The country has done a lot to create a conducive policy environment to invest in renewables and technologies such as pumped storage. Italy’s market strategies focus on creating an environment conducive to developing LDES solutions. This strategic focus makes Italy a strong European and global competitor in the field.
Meanwhile, the UK is seeing a pumped storage renaissance, with several new projects currently being proposed after a 40-year lull. This renewed interest is a direct result of the government’s commitments to increasing energy resilience and security. The UK’s regulatory landscape is key to attracting investment and driving innovation in LDES technologies.
Strong Potential Beyond Europe
Australia, Italy, and the UK are not alone. Other countries are quickly following the lead. Right now, China and Germany seem to be coming out most with LDES long-term potential. China has accelerated funding and deployment activities in order to develop long-duration storage technologies. The nation’s determination to improve its energy infrastructure establishes it as a major competitor in the developing global LDES ecosystem.
Germany’s success can be attributed to strong funding mechanisms focused on developing energy storage technologies. With its strong emphasis on transitioning to renewable energy, Germany’s market conditions favor the growth of LDES solutions, including pumped storage.
High Marks Across Multiple Criteria
According to the report, Australia, China, France, Germany, Italy, Spain, the UK, and the US need to do better at creating and maintaining the physical conditions. These nations are home to operational markets that enable LDES. These countries offer ideal environments for deploying energy storage solutions due to their geographic and climatic advantages, as well as their supportive regulatory frameworks.
Global demand for smart, clean, sustainable energy solutions has never been higher. Which is why long-duration energy storage is more important at this moment than ever before! With its long, proven record and flexibility pumped storage hydropower is a key player to ensuring future energy systems.